What this practice covers
These questions are drawn from past IB Economics papers and filtered to benefits of international trade. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on benefits of international trade, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Explaining gains from trade using absolute advantage when the question is about comparative advantage.
- Comparing absolute output figures instead of opportunity cost ratios.
- Forgetting that the terms of trade must lie between the two opportunity cost ratios for both countries to gain.
- Treating the assumptions (no transport costs, constant returns, factor immobility between countries) as realistic rather than as limitations to evaluate.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Benefits of International Trade revision notes.